HongLeong Investment Bank's Top Picks for 2023

With diminishing base effect and weaker external scene, we project Malaysia’s GDP to moderate to +4.0% in 2023.

Existing market headwinds are subsiding as FFR-OPR spreads should soon peak, ringgit is recovering, supply chains are improving, labour woes are easing and the political impasse resolved.

Granted, a recession in the developed West and its contagion is the key risk, but there could be cushioning from China’s likely reopening.

In any case, Malaysia is now on a much stronger footing (from sustained reopening) than it was during the pandemic.

Our 2023 KLCI target is at 1,580 (15.1x CY23 PE).
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